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The Guinness World Records organisation says Elon Musk has broken the world record for the “largest loss of personal fortune in history.” (Carina Johansen/Getty Images)
- Due to plummeting Tesla shares, Elon Musk lost more than $100 billion in 2022 and no longer holds the title of world’s richest person.
- His net worth fell so much that he broke the Guinness World Record for “largest loss of personal fortune in history.”
- Musk is still worth $144.4 billion today, estimated by Forbes.
Elon Musk has kicked off 2023 by breaking a world record — for money lost.
The Tesla and Twitter CEO erased so much of his fortune in the last year that Guinness World Records recognized him for it. He has officially broken the world record for the “largest loss of personal fortune in history,” the organization said in a press release Friday.
Forbes recently estimated Musk’s net worth had plummeted by $183 billion in just over a year, while Bloomberg placed the estimate at $200 billion.
Before Musk, the previous record for personal fortune wiped out, much lower at $58.6 billion, was set by Softbank founder and CEO Masayoshi Son in 2000.
Musk’s net worth peaked in November 2021, when it reached $340 billion, according to Bloomberg estimates. However, Tesla shares, responsible for most of Musk’s wealth, entered free fall last year, dropping 65% in 2022. Their drastic fall picked up speed after Musk bought Twitter in October.
“Long-term fundamentals are extremely strong. Short-term market madness is unpredictable,” Musk tweeted after the market closed for the year on 30 December 2022.
Musk’s misfortunes saw him lose his status as the world’s richest person to Bernard Arnault (France), founder of luxury goods conglomerate LVMH (Louis Vuitton Moët Hennessy), who has an estimated net worth of $190 billion (£156B; €177B).
This alarming decline accelerated in October after Musk bought Twitter for roughly $44 billion (£37B; €42B).
Despite the plunge in prosperity, Tesla remain the most valuable car company in the world, with a market cap over $100 billion larger than their closest competitor, Toyota.
And don’t worry, even though Musk has lost more money than any human in history, he won’t be going hungry any time soon – he’s still the world’s second-richest person.
Elon also still seems to be in high spirits; he in fact recently flew to Qatar where he was able to watch Messi lift the World Cup trophy.
This content should not be accepted as official or professional advice.
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